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Inside MBS & ABS

June 11, 2010

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Proposed Regulations, Looming Legislation Create Uncertainty in the Market, Slow Recovery Pace

The biggest concern of the securitization industry today is that proposed regulations and legislation will create so much complexity and uncertainty that it could hamper recovery and even trigger a crisis of confidence that could push investors to leave the market.There was a general uneasiness among participants at the American Securitization Forum’s annual... Read More

Securitization Rates Surge in Early 2010 as Flow Of New Mortgage Originations Continues to Slow

Securitization continued to reign as the dominant form of financing home mortgages during the first quarter of 2010 as new MBS issuance represented 90.0 percent of primary market originations, according to a new analysis by Inside MBS & ABS. The mortgage securitization rate in early 2010 represents a sharp increase from the record high 85.6 percent rate... [Includes one chart] Read More

Treasury’s New Principal Forgiveness Option in Loan Mods May Ease Investor Losses on Non-Agency MBS

The Obama administration late last week released guidelines on a new principal reduction option that may make loan modification viable for many underwater non-agency mortgage borrowers, although MBS analysts note that its impact will vary for different tranches. The new Principal Reduction Alternative is targeted to distressed borrowers with current loan-to-value ratios... Read More

Fitch Affirms WaMu’s Covered Bond Rating, Other Programs May Emerge, Legislative Prospects Falter

Fitch Ratings last week affirmed the AA+ rating on Washington Mutual’s covered bonds with a total outstanding balance of $7.8 billion, and other covered transactions may be forthcoming from some of the biggest mortgage lenders in the next few months, even as the prospects for the passage of enabling legislation by Congress this year may be fading... Read More

ASF to Issue Risk Retention Paper and Seek Accommodations in New Rules, Reg Reform

Regulatory capital, accounting changes and risk retention will remain a top priority with the American Securitization Forum as the group vowed to push harder for changes in regulation and regulatory reform legislation. ASF Executive Director Tom Deutsch disclosed plans to issue a paper on the various risk retention proposals and comment on the need for more stringent... Read More

Alt A, Subprime Mortgage Asset Valuations May be Stabilizing, But Jumbo Is Weakening

There’s some good news coming out of the non-agency MBS universe, as the latest data from Fitch Ratings show that delinquencies for Alt A and subprime securities declined again last month. Alt A MBS delinquencies dropped from 34.1 percent in April to 33.9 percent in May, the second month-over-month decline since April 2006, Fitch said. Two states, California and Florida... Read More

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